POWER PHONE, INC.
CUMULATIVE UNAUDITED
THREE QUARTER STATEMENT
FOR THE PERIOD
JULY 1, 1995
TO
MARCH 31, 1996
(POWER PHONE, INC.
(a development stage company)
BALANCE SHEET (Unaudited)
MARCH 31, 1996
ASSETS
Current Assets - Cash in Bank $604
Software 2,000,000
Art Inventory 2,000,000
Equipment 12,740
Goodwill 223,081
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TOTAL $4,236,425
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LIABILITIES
Current liabilities:
Due to Officers $86,907
Accounts Payable 8,730
-----
TOTAL CURRENT LIABILITIES 95,637
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STOCKHOLDERS' EQUITY
Common Stock- $0.01 par value, 74,218
25,000,000 shares authorized
7,421,818 issued.
Series A redeemable convertible preferred stock- $0.01 par value,
10,000,000 shares authorized
160,000 issued 1,600
Additional paid in capital 4,734,032
Deficit accumulated during the (669,062)
development stage --------
TOTAL STOCKHOLDERS' EQUITY $4,140,788
----------
TOTAL $4,236,425
==========
POWER PHONE, INC.
(a development stage company)
STATEMENT OF OPERATIONS (Unaudited)
(Cumulative three quarters)
MARCH 31, 1996
Operating expenses $ 75,307
--------
TOTAL 75,307
--------
NET (LOSS) $(75,307)
========
Net (loss) per share
of common stock $ (.010)
--------
Number of common shares
and common share equivalents
used in computation 7,421,818
=========
POWER PHONE, INC.
(a development stage company)
STATEMENT OF CASH FLOWS (Unaudited)
MARCH 31, 1996
Cash flows from operating activities:
Net (loss) $(75,307)
Adjustments to reconcile net (loss) to
net cash (used in) operating activities:
Changes in operating assets and liabilities:
Increase (decrease) in accrued expenses
and other liabilities 87,807
--------
Net cash (used in)
operating activities 12,500
--------
Cash flows from investing activities:
Purchase of furniture & fixtures (12,740)
--------
NET DECREASE IN CASH (240)
Cash at beginning of period 844
--------
CASH AT END OF PERIOD $ 604
--------
Stock issued for acquisition of
various assets $ 3,400
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